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The United States will become a net oil and gas exporter by 2022, the Energy Information Administration (EIA) said in this year’s edition of its Annual Energy Outlook. Slower domestic demand, along with growth in natural gas, oil, and oil product production will drive the transformation, the EIA said. That sounds like President Trump’s dream of energy dominance come true, but of course, this would only happen under certain circumstances, as the EIA notes in the beginning of the report. For starters,…

OPEC raises its oil demand forecast but sees supplies from beyond the producer group surging this year, driven by rising U.S. output. A monthly report also showed OPEC's production was little changed in January as the group continues to limit its output for a second year in order to balance an oversupplied market. OPEC said Monday it expects demand for oil to grow faster than it originally expected in 2018, but the organization also sees supplies from beyond the producer…

"U.S. producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth," the IEA said in its closely-watched report published Tuesday. In November 2014, the so-called U.S. shale revolution prompted OPEC to announce a new strategy geared towards improving its market share. Market conditions in early 2018 seem to be reminiscent of that first wave of U.S. shale growth, prompting the IEA to warn history could be repeating…

As I indicated in my previous article, I believe President Trump missed a golden opportunity to highlight energy in his State of the Union address last week. Instead, energy was scarcely mentioned. The president devoted about 30 words of the nearly 5,200-word speech to the state of American energy. The President could have said, “Today America is the world’s foremost energy superpower.” According to the 2017 BP Statistical Review of World Energy, the U.S. was ranked... CLICK HERE TO READ THE FULL ARTICLE BY…

Oil prices extended the previous session's losses on Tuesday, tracking the broader market as stock futures pointed to another day of sharp declines. Crude oil futures had been climbing back toward positive territory overnight, but lost traction in early morning trade, with international benchmark Brent crude hitting a one-month low. Brent was down 48 cents at $67.14 a barrel by 9:37 a.m. ET (1437 GMT) after falling as low as $66.53 earlier in the session. CLICK HERE TO READ THE ENTIRE…

Oil fell for a third day on Tuesday, as a rout in global equities triggered losses across bonds, cryptocurrencies and commodities, although the crude price is in positive territory so far this year. Even with Wall Street stocks posting their largest one-day fall since late 2011 on Monday and measures of volatility spiking to multi-year highs, reflecting heightened investor nervousness, oil has not suffered to the same extent. Brent crude futures were down 35 cents on the day at $67.27 a…

The resurgence of the oil industry can be traced back to what happened in Congress one day in December 2015. That's when lawmakers ended the 40-year ban on U.S. oil exports. Crude pumped in Texas, Oklahoma and North Dakota could suddenly be shipped overseas. At the time, excess supply was wreaking havoc on the energy industry. Too much American oil was sitting around in storage, pumped out of the ground but with no one to buy it. Crude eventually crashed to $26…

WASHINGTON — The Trump administration said Thursday it would allow new offshore oil and gas drilling in nearly all United States coastal waters, giving energy companies access to leases off California for the first time in decades and opening more than a billion acres in the Arctic and along the Eastern Seaboard. The proposal lifts a ban on such drilling imposed by President Barack Obama near the end of his term and would deal a serious blow to his environmental…

As the first month of 2018 comes to a close, the situation for the U.S. oil and gas industry remains highly positive. Several current news stories help to paint this rosy picture. First, the U.S. rig count remains remarkably stable. Wait, didn't we just see headlines that the Baker Hughes weekly rig count jumped by 11 last week? Well, yeah, but that came after a pretty flat month overall. And when you look at the current DrillingInfo daily rig count, you see…